New York might be the next Detroit, says ... Mike Bloomberg

New York City is headed toward the same bankrupt fate as Detroit, unless the incoming mayor tends to municipal union issues and curbs soaring pension costs right away, Mayor Michael Bloomberg warned on Tuesday.

“Avoiding the hard choices is how Detroit went bankrupt,” he said, in a speech before a Brooklyn crowd, The New York Post reported…

Mr. Bloomberg also reminded, The Post reported: “About 95 percent of [city] employees and retirees contribute nothing — not even a dollar — to their basic health care premiums.” By comparison, he said, state government workers have only 90 percent of their health care plans paid by taxpayers.